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VIVUS Reports 2012 Fourth Quarter And Full-Year Financial Results

MOUNTAIN VIEW, Calif., Feb. 25, 2013 (GLOBE NEWSWIRE) -- VIVUS,Inc. (Nasdaq:VVUS), a biopharmaceutical company commercializing and developing innovative, next-generation therapies to address unmet needs in obesity, sleep apnea, diabetes and sexual health, today provided a business update and reported its financial results for the fourth quarter and year ended December 31, 2012.

"We believe in the long-term value of our franchise, and are focused on retaining and enhancing that value for our stockholders," stated Leland Wilson, chief executive officer of VIVUS. "In 2012, we obtained FDA approval for Qsymia TM and STENDRA TM and launched Qsymia in the U.S. Since approval, we have dedicated resources and been actively engaged in the process of educating physicians and creating awareness for Qsymia. In order to expand access to Qsymia, we submitted to FDA in mid-October 2012 a modification of the REMS that, pending approval, would allow patients to access Qsymia through select certified retail pharmacies. We continue to make substantial progress in obtaining reimbursement coverage. Our goals for 2013 include expanding both access and reimbursement for Qsymia as well as securing partnerships for STENDRA."

Recent Highlights
  • In February 2013, VIVUS announced the publication of a study concluding that weight loss resulting from treatment with Qsymia led to significant improvements in cholesterol, blood pressure and triglycerides in obese and overweight patients experiencing one or more of these associated conditions.  
  • In December 2012, VIVUS announced an agreement with Express Scripts, which manages the pharmacy benefit for approximately 26.3 million lives in the U.S., adding Qsymia as a standard benefit option to the Express Scripts National Formulary.  
  • In September 2012, VIVUS launched Qsymia in the U.S., the first FDA-approved, once-daily combination therapy and the first new medication available in 13 years for the treatment of obesity.

Fourth Quarter 2012 Results

For the three months ended December 31, 2012, the company reported a net loss of $56.7 million, or $0.56 per share, compared to a net loss of $11.5 million, or $0.13 per share, for the same period the prior year.  The increase in net loss was primarily attributable to higher selling, general and administrative expenses related to commercialization activities for Qsymia.  In the fourth quarter of 2012, the company recognized net product revenues of $2.0 million from sales of Qsymia.

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